Slide 1: 2Q24 Earnings Presentation
2Q24 Earnings Presentation August 7, 2024 11 Published by: 1 Sinclair, Inc.
Slide 2: Non-GAAP Financial Measures
NON-GAAP FINANCIAL MEASURES This presentation contains certain financial measures of Sinclair, Inc. (the “Company”), including Adjusted EBITDA, which are not prepared in accordance with U.S. generally accepted accounting principles ("GAAP") (collectively, the "non-GAAP financial measures"). Adjusted
Slide 3: Consolidated Performance in 2Q24
CONSOLIDATED PERFORMANCE IN 2Q24 Consolidated ($MM)1 2Q24 Guidance $435 - $437 Distribution Revenue • Distribution Revenue In-Line with Guidance Actual $435 Guidance $341 - $358 Advertising Revenue Total 2Q24 Earnings Presentation • Total Advertising Revenue In-Line with Guidance Actual $343 Guidanc
Slide 4: Ventures Portfolio Update
VENTURES PORTFOLIO UPDATE • During 2Q24, the Company received $109 million in total distributions including $105 million in exits in 2Q24 2Q24 Earnings Presentation • Company made contributions of approximately $26 million in minority investments in 2Q24 • $326 million in cash at Ventures at quarter
Slide 5: Diversified Broadcast Leader with Broad Distribution
DIVERSIFIED BROADCAST LEADER WITH BROAD DISTRIBUTION OVERVIEW AND KEY HIGHLIGHTS BROAD NATIONAL COVERAGE • One of the largest and most diversified television broadcasters with national reach 2Q24 Earnings Presentation • Diversified geographically, by affiliate mix and by asset type • No individual m
Slide 6: Broadcast Tops All Platforms for Reach and Viewership
BROADCAST TOPS ALL PLATFORMS FOR REACH AND VIEWERSHIP Broadcast TV has far broader reach than any other communications medium; 80% of American adults watched Broadcast TV versus other forms of media Viewers spend more time watching broadcast than any other medium with an average of almost four h
Slide 7: Broadcast Networks Benefit from Long-Dated Sports Agreements
BROADCAST NETWORKS BENEFIT FROM LONG-DATED SPORTS AGREEMENTS ANNUAL SPORT LEAGUE RIGHTS RENEWALS, CURRENT ANNUAL CONTRACT PRICE PER YEAR ($MM) Current networks / 9,727 6,900 250 1,100 681 1,849 1,516 1,033 1,100 SUMMER 637 630 WINTER 2026 2027 2028 2029 2030 2031 2032 2033 2034 2035 2036 LIMITED EXP
Slide 8: Local News Trusted Within a Highly Polarized U.S. Market
LOCAL NEWS TRUSTED WITHIN A HIGHLY POLARIZED U.S. MARKET THE MOST TRUSTED SOURCE OF INFORMATION …WITH THE HIGHEST FREQUENCY INTERACTION PUBLIC OPINION ON BRAND TRUST WEEKLY REACH OFFLINE AND ONLINE (TV, RADIO, AND PRINT) Brand Trust Neither Don’tTrust % WEEKLY USAGE 2Q24 Earnings Presentation Local
Slide 9: Local News Attracts Highly Sought-After, Politically Balanced Audience
LOCAL NEWS ATTRACTS HIGHLY SOUGHT-AFTER, POLITICALLY BALANCED AUDIENCE PARTY AFFILIATION FOR “PAST 30 DAY” VIEWERS Democratic Republican Independent/Other/No party affiliation 2Q24 Earnings Presentation 36% 37% 31% 32% 16% 15% 34% 52% 48% 52% 30% 17% Local News in Sinclair Markets Source: 2023 Fall
Slide 10: Strong Demand from Political Advertisers Underpins TV's Relevance
STRONG DEMAND FROM POLITICAL ADVERTISERS UNDERPINS TV’S RELEVANCE RECORD 2022 NON-PRESIDENTIAL POLITICAL ADVERTISING SPEND… …SETS STAGE FOR POTENTIAL RECORD 2024 101% increase 2016-2024 at top- SINCLAIR LOCAL MEDIA POLITICAL REVENUE1 ($MM) 2Q24 Earnings Presentation • $146MM political advertising bo
Slide 11: Consolidated Performance in 2Q24
CONSOLIDATED PERFORMANCE IN 2Q24 Consolidated ($MM)1 2Q24 Guidance $435 - $437 Distribution revenue Strong 2Q Results; Adj. EBITDA Above High-End of Guidance Actual $435 • Total Advertising Revenues up 11% year-over-year, Guidance $341 - $358 Advertising driven by $40 million in political revenues r
Slide 12: 2Q24 Consolidated Media Revenue
2Q24 CONSOLIDATED MEDIA REVENUE Media Revenue vs Guidance ($ in millions) $845 $832 $840 2Q24 Earnings Presentation $835 $830 $825 $820 $815 $810 $819 $813 $805 $800 $795 2Q24 2Q24 Guidance Actual & 1 Pro Forma Results Media Revenues within guidance range: Pro Forma Media Revenues up 7% vs prior yea
Slide 13: 2Q24 Consolidated Adjusted EBITDA
2Q24 CONSOLIDATED ADJUSTED EBITDA Adjusted EBITDA vs Guidance ($ in millions) $160 $157 2Q24 Earnings Presentation $155 $158 $150 $145 $140 $135 $130 $134 $125 $120 2Q 2024 2Q 2024 1 Guidance Actual & Pro Forma Results Adjusted EBITDA exceeded high end of guidance range: Pro Forma Adjusted EBITDA In
Slide 14: Segment Performance in 2Q24
SEGMENT PERFORMANCE IN 2Q24 Local Media ($MM)1 2Q24 Guidance $383 - $385 Distribution Revenue Local Media Financial Performance Actual $384 • In-Line 2Q24 results – Within guidance ranges for Total Local Media revenue and Adjusted EBITDA Guidance $29 - $35 Revenue Political • 2Q24 total Local Media
Slide 15: 2Q24 Consolidated Balance Sheet
2Q24 CONSOLIDATED BALANCE SHEET DEBT MATURITY SCHEDULE • Total debt at the end of 2Q24 was $4.1 billion $1,400 • Sinclair Television Group’s (STG) first lien 2Q24 Earnings Presentation indebtedness ratio was 4.5x $1,200 • STG Total Net Leverage was 5.6x • STG Interest Coverage was 2.8x $1,000 $800 •
Slide 16: Third Quarter 2024 Guidance
THIRD QUARTER 2024 GUIDANCE Corporate For the three months ending and S eptember 30, 2024 ($ in millions) Core advertising revenue Local Media $288 to 300 Tennis $10 Other $9 Eliminations $(5) Consolidated $302 to 315 3Q24 GUIDANCE Political advertising revenue 113 to 128 - - - 113 to 128 • 3Q24 Med
Slide 17: Full Year 2024 Guidance
FULL YEAR 2024 GUIDANCE FULL-YEAR 2024 GUIDANCE For the twelve months ending December 31, 2024 ($ in millions) Consolidated • 2024 Media Programming, Production M edia programming & production expenses and media selling, general and administrative expenses $2,471 to 2,481 and SG&A expense guidance l
Slide 18: Key Takeaways
KEY TAKEAWAYS • Solid 2Q24 results; Adjusted EBITDA above high-end of guidance range • Total advertising revenue up 11% year-over-year on a consolidated basis, with distribution revenues up 4% driven by new distribution agreements with carriage partners and rate increases partially offset by subscri